Commonwealth Bank - Treatment of Subsequent Utilisation of Funds
Commonwealth advised in November 2018 that they were making changes to the way they calculate upfront broker commissions for home loans.
They made the changes with the goal of improving customer outcomes as our guiding principle. At that time, they also advised that they would continue to monitor and review all broker and customer outcomes of this change.
As a result of your feedback and their ongoing monitoring and reviewing process, they would like to advise you of a further enhancement to these changes.
Treatment of Subsequent Utilisation of Funds
Additional upfront commission will be paid on the twelve month anniversary of the loan for subsequent utilisation of funds from a linked offset facility (Every Day Offset (EDO), MISA or Redraw).
They will pay commission on subsequent utilisation of funds of $20,000 or more.
Timing / frequency
Commencing 24 November 2019 they will review additional upfront commission, once a year, on the twelve month anniversary of the loan.
Viridian Line Of Credit (VLOC) and Construction Loan.
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